LONDON & PARK CITY, Utah--(BUSINESS WIRE)--Travtus, a leading AI technology company focused on multifamily operations, today announced the completion of its seed financing round. The $4-million round was led by RET Ventures, an industry-backed venture fund focused on single and multi-family real estate technology.
Founded by Tripty Arya, Travtus launched its flagship product “Adam” in 2019 with the goal to bridge the gap between real estate and automation and make it easier for owners to scale operations. The product uses machine learning to automate multifamily property management by first reviewing resident communications and service requests to gather intelligence on the property, then cross-referencing this information with renewal data and other key property metrics to gain a 360-degree understanding of the property and how residents interact with it. Adam showcases to residential operators the value of one single powerful machine learning platform to handle multiple job functions including that of a data analyst, agent, resident experience representative and an "everything teammate."
“Just a few years after its launch, Travtus has gained significant traction in the market because of its sophisticated machine learning approach and wide variety of applications for property managers,” said John Helm, Partner at RET Ventures. “With automation becoming a larger priority for many multifamily owner-operators, RET is consistently hearing from our strategic investors about the need for intelligent tools that can simplify and scale operations by optimizing day-to-day management processes. I anticipate that Travtus will continue to make significant strides on this front in the months and years ahead, and we’re excited to back them as they enter this next phase of their growth.”
Adam has emerged as an essential tool that not only automates workflows, but gives multifamily owners a deeper understanding of resident sentiment. Unlike other AI-based technologies that focus primarily on streamlining the leasing process, Adam’s applications improve a broad variety of day-to-day management processes including maintenance requests, Wi-Fi issues, and rent payments. Adam also integrates with a property’s existing productivity tools, seamlessly automating task management, CRM, and communication for on-site teams.
“When creating Adam, our goal was to build one ideal digital teammate for multifamily owner-operators that not only automated management tasks across the board, but provided data and insights that made decision-making easier,” said Tripty Arya, Founder and CEO of Travtus. “As we continue to penetrate the market, we are thrilled to have a trusted partner like John Helm and the RET Ventures team who are so deeply entrenched in the industry. This investment will give us the capabilities to ramp up our sales and marketing efforts and expand our product development – allowing us to deliver an even more robust product to improve property management for multifamily and beyond.”
A confluence of market forces, including labor shortages, and more recently rising interest rates, have driven a renewed focus on automation for multifamily operators, both to mitigate staffing issues and help existing management teams perform their jobs more effectively. Travtus offers a machine-learning solution that addresses critical pain points felt by residents and operators alike, optimizing for both resident experience and property-level operating efficiency.
About Travtus
Travtus is a leading AI technology company focused on streamlining multifamily operations through machine learning solutions. The company launched its first product – ‘Adam’ – in 2019 to make it easier for multifamily owner-operators to simplify and scale operations. Adam is a digital employee that uses machine learning to automate multifamily property management by integrating with a property’s existing productivity tools, gathering firsthand intelligence on the property, and using this data to interface directly with residents. For more information, please visit: https://www.travtus.com/
About RET Ventures
A leading real estate technology investment firm, RET Ventures is the first industry-backed early-stage venture fund to strategically focus on helping build cutting-edge “rent tech” — technology for multifamily and single-family rental real estate. RET’s base of Strategic Investors includes some of the largest REITs and private real estate owner-operators and managers, who control approximately 2.5 million rental units. Through its deep expertise and connections within the industry, RET has created a unique real estate innovation ecosystem that delivers significant value to the companies it backs, providing them with access to thought leaders, development partners, and ongoing guidance. For more information, please visit www.ret.vc
